Alphabet shares jump despite Google's EU fine

The parent company of Google has reported unexpected second-quarter revenues of $32.7bn.

Following the announcement, shares in Aplapbet were up by as much as 5.2% in after-hours trading, before settling at 3.4 per cent.

Thanks to stronger ad sales in the second-quarter of 2018 investors appear to be undeterred despite the €4.34bn dent in the company's profits as a result of the fine handed down by the EU to Google.

The search engine giant received the fine last week - which they are appealing - for abusing the position of its Android mobile operating system in search.

Margrethe Vestager, the EU’s competition commissioner, said Google has used its Android mobile phone operating system “to cement its dominance as a result engine”, preventing innovation from competitors “and this is illegal under EU antitrust rules".

Aplapbet is one of the largest technology companies in the world and is valued at $838 billion.

"We delivered another quarter of very strong performance, with revenues of $32.7 billion, up 26% versus the second quarter of 2017 and 23% on a constant currency basis," said Ruth Porat, CFO of Alphabet and Google.

"Our investments are driving great experiences for users, strong results for advertisers, and new business opportunities for Google and Alphabet."